21.	Share-based Payments

At March 31, 2019, there were 342,000 shares of the Company’s common stock reserved for grants to the Company’s non-employee directors under the 2014 Non-Employee Director Incentive Award Plan (the “2014 Plan”). Under the 2014 Plan, (i) 40,238 and 35,659 of restricted stock units were issued and (ii) 201,084 and 236,976 shares of common stock were available for grant under this plan at March 31, 2019 and 2018, respectively.

At March 31, 2019, there were 3,950,000 shares of common stock reserved for grant to all employees of the Company under the 2010 Incentive Award Plan (the “2010 Plan”). Under the 2010 Plan, (i) 127,896 and 98,169 shares of restricted stock units were outstanding, (ii) options to purchase 1,274,165 and 1,046,298 shares of common stock were outstanding, (iii) 75,000 and 0 restricted shares were outstanding, and (iv) 1,040,728 and 1,573,810 shares of common stock were available for grant at March 31, 2019 and 2018, respectively.

In addition, at March 31, 2018 and 2017, options to purchase 63,000 and 97,000 shares of common stock, respectively, were outstanding under the 2004 Non-Employee Director Stock Option Plan. No options remain available for grant under this plan.

The shares of common stock issued upon exercise of a previously granted stock option are considered new issuances from shares reserved for issuance upon adoption of the various plans.

Stock Options

The following is a summary of stock option activity during the year:

	Number of Shares			Weighted Average Exercise Price
Outstanding at March 31, 2018		1,143,298		$	16.97
Granted		259,136		$	19.13
Exercised		(42,032	)	$	6.09
Forfeited		(23,237	)	$	25.46
Outstanding at March 31, 2019		1,337,165		$	17.58

At March 31, 2019, options to purchase 420,970 shares of common stock were unvested at the weighted average exercise price of $22.58.

Based on the market value of the Company’s common stock at March 31, 2019, 2018, and 2017, the pre-tax intrinsic value of options exercised was $788,000, $913,000, and $2,477,000, respectively. The total fair value of stock options vested during the years ended March 31, 2019, 2018, and 2017 was $1,973,000, $1,572,000, and $1,290,000, respectively.

The following summarizes information about the options outstanding at March 31, 2019:

	Options Outstanding								Options Exercisable
Range of Exercise price	Shares		Weighted Average Exercise Price		Weighted Average Remaining Life In Years		Aggregate Intrinsic Value		Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
$5.20 to $6.47		345,534	$	6.43		3.65				345,534	$	6.43
$6.48 to $18.20		229,200		9.55		4.10				229,200		9.55
$18.21 to $22.83		254,126		19.14		9.24				630		22.73
$22.84 to $28.04		230,166		26.05		7.36				121,197		24.91
$28.05 to $34.17		278,139		29.62		6.94				219,634		29.86

		1,337,165	$	17.58		6.11	$	6,436,000		916,195	$	15.28	$	6,436,000

The aggregate intrinsic values in the above table represent the pre-tax value of all in-the-money options if all such options had been exercised on March 31, 2019 based on the Company’s closing stock price of $18.87 as of that date.

At March 31, 2019, there was $2,682,000 of total unrecognized compensation expense from stock-based compensation granted under the plans, which is related to non-vested shares. The compensation expense is expected to be recognized over a weighted average vesting period of 1.8 years.

Restricted Stock Units and Restricted Stock (collectively “RSUs”)

During the years ended March 31, 2019 and 2018, the Company granted 179,725 and 77,854 shares of RSUs, respectively, with an estimated grant date fair value of $3,490,000 and $2,157,000, respectively, which was based on the closing market price on the date of grant. The fair value related to these awards is recognized as compensation expense over the vesting period. These awards generally vest in three equal installments beginning each anniversary from the grant date, subject to continued employment. Upon vesting, these awards may be net share settled to cover the required withholding tax with the remaining amount converted into an equivalent number of shares of common stock. Total shares withheld during the years ended March 31, 2019 and 2018 were 14,959 and 21,361, respectively, and was based on the value of these awards as determined by the Company’s closing stock price on the vesting date.

The following is a summary of changes in the status of non-vested RSUs during the year:

	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at March 31, 2018		133,828		$	28.37
Granted		179,725		$	19.42
Vested		(61,040	)	$	28.91
Forfeited		(9,379	)	$	24.86
Non-vested at March 31, 2019		243,134		$	21.75

As of March 31, 2019, there was $2,565,000 of unrecognized compensation expense related to these awards, which will be recognized over the remaining vesting period of approximately 1.8 years.